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in 2014 , AT&T issued 10 year bonds with a coupon that pays $93.75 annually, at the time of issue ,the bonds sold at par.

in 2014 , AT&T issued 10 year bonds with a coupon that pays $93.75 annually, at the time of issue ,the bonds sold at par. Today, bonds of similar risk and maturity must pay an annual coupon of 7.25% to sell at par value. Assuming semi-annual payments (and compounding effects), what is the bonds yield to maturity?

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